Middle East ETF News Older than One Year
Dubai market rebounds 0.72% on high turnovers
September 29, 2010--The DFM General Index ended Tuesday at 1,702.43 as Arabtec, the most liquid share, surged two percent to reach Dhs2.03, along with gains at real estate developers Emaar (gaining 0.80% at Dhs3.80) and Deyaar (0.31% higher at Dhs0.321).
DP World and Depa Ltd., both listed at the Nasdaq Dubai and the DFM parallel, posted losses (down 1.73% at $0.511 and down three percent at $0.64 respectively). At the DFM, traded value surged 51% to Dhs220m. Some 120.8m shares changed hands, 45% more than on Monday.
Source: AME Info
Insurers boost Qatar exchange
September 29, 2010--Investors have sent the QE Index 0.88% higher to close at 7,714.34 points. The advance was mostly driven by advances in the financial segment. Shares of Qatar Insurance reached a 21-month high by finishing 1.78% higher at QR86.
Qatar Telecom gained (up 0.46% at QR174.40) due by news that the UAE's Etisalat aims to buy 46% in Kuwait's Zain Telecom.
Source: AME Info
Tadawul bourse remains in stutter mode
September 29, 2010--Saudi Arabia's Tadawul market declined 0.18% to close at 6,392.39. The talk of the day in the GCC were rumors that the UAE telecom giant Etisalat aims to buy 46% in Kuwait's Zain Telecom, worth around $11bn. Saudi Telecom (STC) failed to reap benefit from the buyont environment in the GCC telco sector
and ended off 0.77% to close at SR38.70. United International Transportation Company bucked the trend and surged 3.54%, ending at SR58.50.
Source: AME Info
Shariah-compliant Australian equity fund approved by Bahrain authorities
September 29, 2010--The Central Bank of Bahrain has authorized formation and marketing of the Hyperion Australian Equity Islamic Fund, the first Shariah-compliant offshore fund comprised of the country's stocks.
Investment manager for the fund is Hyperion Asset Management, a Brisbane-based, growth-style manager whose award-winning core investment team has worked together since 1997. Shariah advisors to the fund are Dr. Mohd Daud Bakar of Malaysia and Sheikh Nizam Yaquby of Bahrain.
Source: AME Info
DGCX Indian Rupee Futures exceed 4,000 contracts
September 30, 2010--DGCX Indian Rupee / Dollar futures achieved further new records this week, with daily volumes surpassing 4,000 contracts for the first time on Tuesday 28th and again on Wednesday 29th September 2010.
The new daily high for Indian Rupee futures, achieved on Tuesday 28th September 2010 was as follows:
4,367 contracts traded
US $192.75 million notional value
read more
Source: DGCX
Tadawul market dips slightly
September 28, 2010--The Tadawul bourse's benchmark index Tasi closed 0.74% lower at 6,403.93. Petrochemicals, IT firms and retailers posted the largest sector losses.
Market bellwether Saudi Basic Industries Corporation (Sabic) declined by 1.10% to finish at SR90. Shares of Southern Province Cement added 1.13% to close at SR67.00. According to Global Investment House in Kuwait, in relation to cement sales "Saudi Arabia was the only GCC country to witness a higher sales revenue in 1H-2010, as sales increased 5.5% to reach US$1.13bn, as compared Kuwait, Qatar, UAE and Oman witnessed a severe decrease in sales revenue by 31.6%, 24.5%, 33.5% and 27.2% respectively."
Source: AME Info
Kuwait exchange advances 0.56%
September 28, 2010--The KSE Market or Price Index ended Tuesday at 6,870.2. Shares of Kuwait Building Materials Manufacturing reached KD0.315, gaining 8.6%. The stock started to recover in recent months.
According to Global Investment House in Kuwait, "cement prices in the GCC averaged around US$65.6/ton in 1H-2010, as compared to US$78.5/ton enjoyed in 1H-2009, a 16.4% decrease."
Source: AME Info
Taqa shares extend rally at Abu Dhabi bourse
September 28, 2010-The Abu Dhabi bourse ADX lost 0.12% to close at 2,660.98 as real estate stocks declined further RAK Properties (off 2.38% at Dhs0.41) posted the largest loss among ADX listed developers. Despite GCC markets losing steam, shares of Abu Dhabi National Energy Co. surged 0.76%, reaching a new 2010 high at Dhs1.32. Abu Dhabi Ship Building Co. (up 5.75% at Dhs3.86) ended as a top gainer.
After advancing 50% since June 2010, Waha Capital today declined by 2.63% to close at Dhs0.75. Waha Capital's CEO Salem Rashid Al Noaimi told AME Info recently that his firm aims to invest $300bn in maritime and logistics companies in the GCC, along with increasing investments in East Asia.
Source: AME Info
Nasdaq Dubai: DP World shares stabilise
September 28, 2010--The FTSE NASDAQ Dubai UAE 20 Index closed at 1771.710 today, down -3.880, or -0.22%, from the previous close. Shares of ports operator DP World gained amid high trading volumes by 0.97%, reaching $0.52. News on a planned $1bn Euro Medium Term Note by the Dubai government might have supported DP World shares, as the emirate of Dubai holds four fifths in the firm.
Dubai Gold Securities ended 0.62% lower at $128.18 as the price for an ounce of gold eased Tuesday from its record highs by 0.6%, trading at $1,287.80.
Source: AME Info
AAOIFI issues three new Shari'a standards
September 28, 2010--The Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), the international organization that formulates and publishes accounting, auditing, ethics, governance, and Shari'a standards for the Islamic banking and finance industry, issued three new Shari'a standards, namely "Contemplation Option", "Defects Option" and "Honesty Option".
Commenting on the issue of these new standards, Secretary General of AAOIFI, Dr. Mohamad Nedal Alchaar, said, "The adoption of these new standards by AAOIFI Shari'a Board came after careful and indepth study in the same way as all other AAOIFI Shari'a standards are reviewed and assessed before issuance. The purpose of these standards is to seek setting Shari'a requirements and rules for the different modes of investment, insurance and financial services and provide interepretation for such requirements and rules."
Source: AME Info
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